Asking Price for Housing Increasing in Irvine: Case in Point—Willow Bend

The Irvine housing market, as well as most of the Orange County housing market, is heating up. That is not a new story, but to exemplify this we will take a look at what has happened to the price of homes in a new Irvine housing development.

The new development of Willow Bend in Irvine’s University Park opened for viewing a few weeks ago. Three models are available to tour and buy if you qualify and like the price. So what is the price? In February, the asking price was advertised as “starting in the $900,000s.” But the price is now stated as “anticipated to start in the low $1 millions.”

A healthy housing market ladder allows non-cash buyers and first-time homebuyers to participate in the housing market without encountering extraordinary obstacles. These obstacles might include housing prices that are not in line with incomes and a market that includes a large number of investors who squeeze out potential home buyers. With that in mind, what do you think? Should we call this an example of a return to a healthy housing market or a dysfunctional market that distorts the housing market ladder?

Here are some additional details on the Willow Bend homes in Irvine’s University Park neighborhood:

Images from http://lyonhomes.com/southern-california/willowbend

Residence 1

  • 2,209 Square Feet

  • 3 Bedrooms

  • 2.5 Bathrooms

  • 2-Car Garage

  • Office

Residence 2

  • 2,394 Square Feet

  • 4 Bedrooms

  • 3 Bathrooms

  • 2-Car Garage

  • Optional Loft , Optional Den

Residence 3

  • 2,570 Square Feet

  • 5 Bedrooms

  • 3 Bathrooms

  • 2-Car Garage

  • Optional Loft